Accounting firms looking to diversify their offerings to stand out from their competitors have a new target: law firms.
A relaxation of rules in some states that allows non-lawyers to have an ownership stake in law firms is opening the door for accounting firms to open their own law firms.
Audit and tax-advisory giant KPMG, for example, in February waded into the legal world with its rollout of KPMG Law US.
The Big Four firm said the new law firm, based in Arizona, launched with 100 clients and will help the firm deliver a wider array of services to KPMG clients.
So far, about 114 businesses have applied for and received the license, according to a report issued earlier this year by the Committee on Alternative Business Structures.